The Department of Labor recently introduced their long awaited regulation governing advice given to retirement plans and retirement accounts. It basically says that if offering advice to either, Financial Advisors must act as fiduciaries, or give advice that is in the best interest of the client, not the advisor. Seems logical, right? As an Accredited Investment Fiduciary® and CERTIFIED FINANCIAL PLANNER™, we have been serving as fiduciaries for years. In fact we serve as a 3(21) fiduciary to all our 401k clients, which really goes a couple steps beyond this new rule. We were prepared for this law by operating as a fiduciary already as a matter of our business practice.
DOL Rule: http://www.dol.gov/ebsa/newsroom/fsconflictsofinterest.html
Photo Source: https://pixabay.com/en/coins-currency-investment-insurance-948603/